I previously wrote an article about Bank Feeds for QuickBooks Desktop where I explained that bank feeds are great, but there are issues with Accounts Receivable (A/R). I suggested that everyone enter A/R manually, which still holds true.
For QuickBooks Online Bank Feeds, I have been finding that many business owners have been confused with the automatic renaming of transactions. QuickBooks Online will automatically place a Name of a vendor or customer without your doing, so you must be careful when reviewing your bank data.
One solution is to manually set up rules in QuickBooks Online. Check out Intuit’s explanation for how to do this, but keep in mind there are some major limitations because you can only write rules based on bank text, description, or amount. Sometimes the description or bank text is not all that helpful.
Another “solution” is to go slowly and be careful. Read the bank description closely to avoid miscategorizing the transaction.
For more guidance on setting up rules in QuickBooks Online, read this article.
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